Saving For Education
A college education can be the key to success for many young adults across the country, but at what cost? The price of higher learning is rising every year.
The overall annual cost for a college education ranges from $4,550 for community college to $35,374 for a private school, according to US News & World Report. A recent national study revealed these costs are rising by about 6% a year.
Those are some scary numbers, but if you have the benefit of time, they’re not as bad as they seem. Here are some steps you can start taking today:
• Go over your monthly finances and find a little extra money you can put away. Even $50 or $100 can make a big difference.
• Make a commitment to devote at least that amount each month, and to add to it as your income increases.
• Shop around for the best interest return you can get for your money.
The cost of college is rising faster than inflation; so it may be smart to invest your savings to get a higher interest rate. Consider putting your money into stocks, mutual funds and bonds.
One important thing to keep in mind is that you won’t necessarily have to come up with the entire cost of college. All higher education institutions offer financial aid in the form of grants and loans. These are most often funded by the federal government.
Often, there are aid offerings from the state and from the school itself. Be sure to look into all available options.